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News
What expenses does it cost to sell a home?
“
07
AUG
What expenses does it cost to sell a home?
Although always analyzed from the point of view of the buyer, selling a home carries with it a series of expenses and taxes that the owner must take into account when setting the price. Nobody gets rid of the administrative coffers.
Expenses and taxes include the surplus value of the Hacienda, the municipal tax or surplus value, the cancellation of mortgage, if any and the notary's expenses corresponding to the seller. In this point it is necessary to emphasize that, if the habitual house is sold and another one is bought, also habitual residence, in the term not exceeding two years, it is not necessary to pay the surplus value of Property.
1. Goodwill of Treasury.
When it comes to selling a home, which is not a habitual residence, getting high income is fine, no one will bitter a sweet. Of course, the sale of a property must be taxed in the Income Tax of Individuals (IRPF) if you reside in Spain. Otherwise, it will be subject to the Tax on the Income of non-Residents. Any gain, if any, must be declared as an equity increase. That is, pay for the difference between the amount of the purchase and that of the sale, provided there have been profits. How is it calculated? Taking into account the difference between the value at which the home is sold and the value at which it was purchased.
Until 2014, there were a series of corrections and coefficients that were applied in the IRPF to the capital gains generated by the sale of houses. The objective was to avoid that the payment was very high by the equity gain. But with the last tax reform some coefficients were eliminated that benefited especially the floors bought many years ago, real estate where there is usually much difference between the purchase price and the sale price over time. This has caused a higher tax payment for the seller as of 2015. Obviously if it is sold for less than what was bought, there is a loss of equity, which can be offset by gains made in the next four years.
2. What happens if it is the habitual residence?
The law exempts from the payment to the taxpayer that sells his habitual residence and destines the obtained price to the acquisition of another house (habitual residence) in a term not exceeding two years. Of course, it must be declared and eligible for the reinvestment exemption.
If you are over 65, people who sell a home have a number of considerations in front of the Treasury. Equity gains will be exempt, but they must be declared. Although with the new regulations, if the property is not a regular home, it is also exempt from taxes, but provided that the amount obtained is intended to constitute an annuity in your favor.
3. Municipal goodwill.
This is another. It is technically called Tax on the Increase of Value of Urban Land (IIVTU), known as municipal surplus value. It is settled in municipalities and must be paid by the whole world. It is calculated on the cadastral value of the house and the number of years that have been owned, which in recent years has increased because the cadastral value of many homes has risen, despite the sale price has fallen .
4. Notary and Registry.
If the sale of the house has not been effected the cancellation of the mortgage registration, even if it is amortized, or is still in force the payment of the same, it is necessary to pay the cancellation of the same so that the new buyer can register it in its name. A notary and registration expense to be taken into account.
5. Other expenses.
The home is sold free of charges hence that who sells must be up to date of community payments, levies, IBI, rate of wastes, at the date of purchase. Moreover, if the sale is signed on January 2, the IBI, for example, would be the responsibility of the seller because it is the owner of the house at the beginning of the year, hence it should be clarified and that usually be agreed who pays. The seller must also present the certificate of energy efficiency, mandatory since mid-2013.
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